Varied Real Estate prices - Posted by Brian

Posted by Linda Simms on August 06, 2003 at 14:13:29:

Here is a subject where you want to listen to a “Relator”. She is right. Neighborhood can make a whale of a difference. You cannot truly compare one with another and that becames very evident when you drive by and look at them. The biggest problem with comps is being selective and knowing the market and the area. Don’t just take any old comp that a “Relator” or anyone else gives you, or you find yourself and accept it as is. Its up to you to make the true comparison.

Varied Real Estate prices - Posted by Brian

Posted by Brian on August 04, 2003 at 22:42:41:

I’ve been doing market research and have found that some homes that are incredibly SIMILAR (very close locale, too) are selling with a price difference of $100,000.00! I know location can make a big difference but can location really make a difference of $100,000? Would it be possible to match the value of a very similar home in a different neighborhood (say less than a mile away) by fixing up a home in said neighborhood?

If this is possible I’m jumping on this deal.

Re: Varied Real Estate prices - Posted by Suzanne

Posted by Suzanne on August 05, 2003 at 10:47:34:

Don’t know if I’m the one to answer your question, but as a past Realtor, yes - a neighborhood CAN make that much difference. Check what school boundaries the property is in. School boundaries - even for an elementary school - can have a tramendous impact on value. On a longer distance, how close the property is to jobs and transportation to major employment areas also impacts property value significantly.

My advice - find out what school district your prospective property is in and compare it to the higher priced properties. If they’re the same - dang! Go for it! (Check police reports for any activity in the area.)